(1) In this article "relevant scheme" means a scheme to which section 56 of the Act applies other than a scheme to which sub-article (6) applies.
(2) The trustees of a relevant scheme shall, in accordance with section 56 of the Act, cause -
(a) the resources and liabilities of the scheme to be valued by the actuary of the scheme at a date referred to in these Regulations as the "effective date", and
(b) the actuary's report to be prepared on the valuation
as soon as reasonably practicable after the effective date.
(3) The effective date of the first actuarial valuation to be prepared under section 56(1) of the Act shall be-
(a) in relation to a relevant scheme other than an external scheme which is a relevant scheme which commenced before the 1st day of January, 1991, a date not later than the 31st day of December 1993, and
(b) in relation to a relevant scheme other than an external scheme which is a relevant scheme which commenced on or after the 1st day of January, 1991 but before th
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